RIZAL MICROBANK TAPS LENDR TO REACH A BIGGER MARKET. In photo (from left) Jing Gusto, Rizal MicroBank FVP for Strategic Management; Orlando B. Vea, Voyager Innovations President and CEO; Manuel V. Pangilinan, PLDT, Smart, and Voyager Innovations Chairman; Raymundo Roxas, Rizal MicroBank President; Lito Villanueva, FINTQ Managing Director.
Yuchengco-led Rizal MicroBank has tapped Lendr, the award-winning and the country’s largest digital lending platform as a service of FINTQnologies Corp. (FINTQ), to reach a wider market to offer its agricultural and business loans.
“Being in Lendr complements our branches, allowing us to reach more people to avail of our AgriBusiness and Small Business loans. This partnership with Lendr also provides our customers the convenience of applying for a loan which they can now do at the comforts of their home through their computer or mobile device,” said Raymundo Roxas, Rizal MicroBank President.
“We are delighted to have Rizal MicroBank in Lendr and provide them a channel that can expand their reach, particularly in far-flung areas. We always aim to help our partners grow their business through our digital platforms,” said Lito Villanueva, FINTQ Managing Director.
Applying for a loan via Lendr is easy. Prospective borrowers simply need to visit Rizal MicroBank’s Lendr website (rizalmicrobank.lendr.com.ph) and create an account. Once the account is created, click sign up to log-in into your account. Choose what type of loan you want to apply for. Click SME/ Business loan for (PITAKA SmallBiz Term Loan) or Agri Loan for (PITAKA AgriBiz Term Loan). Indicate the details of your loan and Lendr will show a computation of the monthly amortization and interest rate. Complete the application form, attach all required documents and click Submit.
Lendr has the most expansive loan offerings from partner banks and financial institutions in the Philippines. On top of the traditional salary, personal, home and auto loan products, it offers mobile crop loan, medicine loan, mSME loan, Overseas Filipino loan, and truck and equipment loan, among others. It has disbursed loans in excess of P35 billion since it was introduced in 2015 registering compounded growth rate of over 60% compared to industry rate of 17%. Lendr was cited as the Consumer Finance Product of the Year by the Asian Banker, the first FinTech-initiated service to win such recognition..
Villanueva noted that FINTQ through its digital lending platform Lendr will also offer on-site loan application assistance for mSMEs during these caravans.
“Lendr allows microentrepreneurs to apply for business loans anytime anywhere and compare interest rates and other offers from among our partner bank and non-bank partners,” Villanueva said, adding: “Since Lendr is digital, mSMEs need not travel to go to branches or offices of lending companies to be able to access loans.”
Lendr is the country’s largest digital lending service covering 100% of provinces with over Php30 billion in loans released since it was launched in 2015. It extensive reach benefited the 20 poorest provinces accounting for 11% of loan transactions and 12% of loan volume.
It has registered double digit growth in the first quarter compared to the same period last year. It posted over 60% compounded annual growth rate. It now has almost a hundred bank and non-bank partner financing companies. On top of the traditional salary, personal, home and auto loan products, it offers mobile crop loan, medicine loan, mSME loan, Overseas Filipino loan, and truck and equipment loan, among others.
In response, DTI Secretary Ramon Lopez said:“At DTI, we always seek ways to improve the business environment for mSMEs and one aspect is providing immediate access to finance that is why President Duterte launched the P3 program. And now, having a technology partner that provides a digital lending platform like Lendr that is secure, efficient and easily accessible, presents more options to microenterprises with regard to their financial needs.”
For his part, Victor Belgar, Project Manager, Radiowealth Finance Co., Inc. said: “Digital platforms like Lendr accelerates our mission to provide financing to microenterprises. It makes the reach of financial inclusion so much wider and I must say, that ‘exponential,’ to describe Lendr’s impact to our business is an understatement. The high influx of loan application via this digital channel compels us to level up with our backroom operations.” Radiowealth is one of accredited conduits of DTI for the P3 program that is also one of FINTQ’s partners in the Lendr platform.
“Among our initiatives include our efforts to empower mSMEs, that is why we are continuously developing digital platforms and services to make Filipino entrepreneurs globally competitive in this day and age of technology,” said Orlando B. Vea, Voyager Innovations President and CEO.